TAM Announces 4Q08 Results

SAO PAULO - To see full report, access www.tam.com.br/ir

We (BOVESPA: TAMM4, NYSE: TAM), report our fourth quarter results for
2008 (4Q08). Operational and financial data, except where otherwise
indicated, are presented based on amounts consolidated in Reais (R$) and
prepared in accordance with accounting principles generally accepted in
United States (US GAAP) non audited. Additionally, financial statements
summary in accordance with the changes in accounting practices provided by
Law No. 11,638 are made available at the end of this release.

(Logo: www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO )

Operational Performance

Domestic Operations

- We reached 50.7% average market share in 4Q08.

- ASKs (capacity) increased 15.6% in 4Q08 compared to 4Q07 as a
result of the increase of 5 A319 aircraft and 11 A320, compensated by
the elimination of the Fokker 100 (in 4Q07 we had 5 F-100 in our
operating fleet) and the reduction in the hours from 12.3 hours/day in
4Q07 to 12.2 flown hours per aircraft per day in 4Q08 (total
operation).

- RPKs (demand) increased 6.4% in 4Q08 compared to 4Q07.

- Our domestic load factor decreased to 65.5% in 4Q08, compared
to 71.1% in 4Q07.

International Operations

- We reached 84.7% average market share in 4Q08.

- ASKs (capacity) increased 24.2% in 4Q08, due to the increase
of 4 B777 aircraft, 4 A330 and 3 B767 into our international operating
fleet and by elimination of MD11s from our fleet, allowing the
beginning of long haul flights from Rio de Janeiro to Miami and
New York and from Sao Paulo to Orlando. In South America we started
daily flights to Buenos Aires (via Brasilia) in addition to Bariloche
and Lima (from Sao Paulo) through the increase in the narrow body fleet
in the region. Also in South America, we increase our supply operating
the B777 to Santiago and substituting all TAM Mercosur’s F100 to A320
aircraft.

- RPKs (demand) increased 27.5% comparing 4Q08 with 4Q07.

- Our international load factor increased 1.9 p.p. to 72.7% in 4Q08
compared to 70.8% in 4Q07.

Financial Performance

- Total CASK decreased by 0.3% in 4Q08 compared to 4Q07, and CASK
excluding fuel decreased 11.3%.

- EBIT and EBITDAR margins of 11.2% and 17.9% respectively.

- Net loss of R$ 1,122.7 million, a negative margin of 38.4%.

- Our total cash and cash equivalents equalled R$ 1,914
million.

- Return on Equity (ROE) of (82.3)%.

- Return on Assets (ROA) of (12.2)%.

Conference calls

Portuguese English
March 31, 2009 March 31, 2009
11:00 am (Brazil time) 12:30 pm (Brazil time)
10:00 am (US EDT) 11:30 am (US EDT)

Phone: 0800-891-5822 Phone: +1-857-350-1674
Password: 70564824 Password: 35540875

Replay: +1-617-801-6888 Replay: +1-617-801-6888
Available from Available from
03/31/2009 until 04/07/2009 03/31/2009 until 04/07/2009
Code: 90072409 Code: 91795866
Code: 982

About TAM:

TAM (www.tam.com.br) has been the domestic market leader since July of
2003, and closed February 2009 with 49.8% of market share. The company flies
to 42 destinations in Brazil. Through business agreements signed with
regional companies, it reaches 79 different destinations in Brazil. TAM’s
market share among Brazilian companies that operate international flights
stood at 85.1% in June. Operations abroad include TAM flights to 18
destinations in the United States, Europe and South America: New York, Miami
and Orlando (USA), Paris (France), London (England), Milan (Italy), Frankfurt
(Germany), Madrid (Spain), Buenos Aires and Bariloche (Argentina), Cochabamba
and Santa Cruz de la Sierra (Bolivia), Santiago (Chile), Asuncion and Ciudad
del Este (Paraguay), Montevideo (Uruguay), Caracas (Venezuela) and Lima
(Peru). It has code-share agreements that make possible the sharing of seats
on flights with international airlines, enabling passengers to travel to 64
other destinations in the U.S., Europe and South America. Currently, the
program has over 5.5 million subscribers and has awarded more than 7.4
million tickets.

Forward-looking statement:

This notice may contain estimates for future events. These estimates
merely reflect the expectations of the company’s management and involve risks
and uncertainties. The Company is not responsible for investment operations
or decisions taken based on information contained herein. These estimates
are subject to changes without prior notice.

Source: TAM

Libano Miranda Barroso, TAM Investor Relations, +55-11-5582-9715, fax, +55-11-5582-8149, invest at tam.com.br / Logo: https://www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO